Kazakh govt forecasts GDP growth of at least 5.3% in 2024

ASTANA. Feb 5 (Interfax) - Kazakhstan's government anticipates economic growth of at least 5.3% in 2024, the government press office said.

GDP expanded by 5.1% in 2023 following growth of 3.1% in 2022.

The government highlights positive trends across key sectors in 2023: construction surged by 13.3%, trade 11.3%, information and communications 7.1%, transport 6.9% and industry 4.3%.

The country's international reserves reached $96 billion, including the assets of the National Fund increasing by $4 billion, surpassing $60 billion.

Foreign trade grew 2.2% year-on-year in January-November to $126 billion. Kazakhstan had a trade surplus balance exceeding $16 billion, with the range of non-commodity exports expanding by 141 positions.

The government, alongside the National Bank and local executive bodies, is implementing measures to monitor and ease inflation. Last year, it was halved to 9.8% from 20.3% in 2022. The goal for 2024 is to keep inflation in the range of 6-8%.

Kazakhstan's budget for the current year assumes GDP growth of 5.3%. The Government, the National Bank, and the Agency for Regulation and Development of the Financial Market of Kazakhstan have signed an agreement aiming to raise economic growth to 6% in the medium term and stabilize inflation around 5% via coordinated macroeconomic policy measures for 2024-2026.

The World Bank predicts Kazakhstan's GDP will grow 4.3% in 2024 and 4.5% in 2025, while the International Monetary Fund forecasts growth rates of 3.1% and 5.7%, respectively.